Trying to understand wise.com

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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manlymatt83
Posts: 1287
Joined: Tue Jan 30, 2018 7:23 am

Trying to understand wise.com

Post by manlymatt83 »

It seems like wise.com offers two benefits. One, you can hold accounts in different currencies and move between them at perhaps better rates than PayPal, your bank or credit union can offer. That part makes sense to me.

But then there’s the debit card which allows you to take money out of an ATM anywhere in the world in the local currency with no conversion fees. But don’t many banks offer this as well via refunds? I believe many even refund Visa’s 1% fee, like Chase and Schwab.

And what about a credit card with no FTFs? Is the exchange rate you’re getting there generally just as good?

In that case, does the Wise debit card actually save you any money? Or is the real benefit of wise having accounts with each currency?
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